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Sep 2022

SIRC: Inflation implications for reinsurance

Source: Middle East Insurance Review | Sep 2022

The full agenda for this year’s Singapore International Reinsurance Conference is taking shape under the steady guidance of the Singapore Reinsurers’ Association. We take a sneak peek at how the proceedings are firming up.
By Paul McNamara
 
 
The Singapore Reinsurers’ Association (SRA) executive committee is working hard on the final agenda for this year’s Singapore International Reinsurance Conference (SIRC) – but the theme of ‘global inflation’ is already established as one of central elements for the event.
 
Kai-Uwe SchanzStrong start
One of the first sessions to come to fruition for the 18th SIRC is the first plenary session that carries the theme of ‘Global inflation: Implications for the (re)insurance industry’. The session will be moderated by The Geneva Association deputy MD and head of research and foresight Kai-Uwe Schanz.
 
Dr Schanz told Middle East Insurance Review, “For P&C insurers, an inflationary shock means that future claims payments and expenses will be higher than expected and claims reserves need to be strengthened accordingly. In addition, inflation in the price of goods and services covered by P&C insurance and reinsurance is usually higher than general consumer-price inflation.
 
“For L&H insurers, inflation has a more limited impact on estimated liabilities as most policy payouts are typically fixed in amount and not indexed on prices. Having said this, life insurers are indirectly affected by the impact of inflation. High inflation erodes the current value of fixed future payments which discourages life insurance purchases and pushes up lapse rates.”
 
Dr Schanz will be joined by Munich Re global chief economist Michael Menhart, Guy Carpenter MD and head of life practice Matthew Rose, Beazley group head of strategy Rachel Turk and Swiss Re Institute chief economist Asia John Zhu.
 
Other notable sessions that are still works-in-progress include a leadership roundtable with the working theme of ‘Reshaping the future’ while a follow-up roundtable, with the tentative theme of ‘Bridging the gender diversity and parity gap – the (re)insurance industry experience’, is presently scheduled to be co-handled by the Women in Reinsurance (WiRE) sub-committee.
 
WiRE was formed in Singapore in 2016 by a group of women reinsurance professionals who wanted to provide a platform for women to share knowledge, discuss issues impacting the industry and contribute to further the development and promotion of women of the reinsurance industry.
 
This insightful session is scheduled to be followed by another plenary session with the provocative title of ‘The transition to net zero – commitment or lip service?’ and roundtables with the themes of ‘The future of work – what Gen Z wants’ that will be co-handled by the SRA’s HR sub-committee and ‘Climate threats on agriculture in Asia and insurance solution’ that will be co-handled with the SRA’s technical sub-committee.
 
Early-bird booking deadline extended
Registrations for the SIRC can be made on the 18th SIRC website at https://www.sirc.com.sg. The early registration phase, during which full delegate passes are priced at S$1,180 ($856), has been extended to midnight SGT on 15 September. Thereafter, the full delegate passes will be priced at S$1,480.
 
Only fully vaccinated delegates with full passes will be admitted onto the conference floor, even if they will only be attending meetings. Meeting guests may wish to contact their business partners or hosts to share their discount codes.
 
The SIRC website also contains links for overseas delegates to make reservation for guest rooms at Marina Bay Sands Singapore at specially contracted rates during the event, which is scheduled to run from 31 October until 3 November 2022 at the Sands Expo and Convention Centre. Industry practitioners can also find details of the various partnership and meeting facilities packages for the event on the website.
 
Asia Insurance Review (AIR) is the official media partner of the SIRC for 2022 – with regular updates on the progress of the work of the SIRC executive committee featuring in AIR’s various media.
 
As in previous years, the Asia Insurance Industry Awards 2022 gala dinner will be held in Marina Bay Sands on the evening of 31 October to coincide with the start of the SIRC. M 
 
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